Bidding War: Radio Mirchi and Sapphire FM Offer Rs 251 Cr Each for Big FM

Published On: October 30, 2023 - Radio Mirchi and Sapphire FM have offered a bid of Rs 251 crores each to buy Anil Ambani's Reliance Broadcast-owned Big FM. Radio Mirchi, which submitted a bid in consortium with Nagpur-based Radio Orange, is a part of Entertainment Network India Limited. The bidders have offered to pay in a month. In February 2023, IDBI Trusteeship Services Ltd approached the National Company Law Tribunal, mentioning that Big FM allegedly failed to repay dues of over Rs 1.74 billion. Later, Reliance Broadcast was accepted under the Corporate Insolvency Resolution Process. Join News9's Shweta Kothari and Kartik Malhotra for more on this story.